On May 1,1999,S Contracts to Sell B a Toaster That

question 14

Essay

On May 1,1999,S contracts to sell B a toaster that it warrants for five years.On May 5,1999,S delivers the toaster to B.The toaster self-destructs on April 30,2000,but B does not discover this until May 3,2000.However,B does not sue S until May of 2003.Has B sued within the time period permitted by UCC statute of limitations? Why or why not?
Yes,B has complied with UCC statute of limitations.In cases where the warranty covers future performance of the goods,the statute begins to run on the day the buyer should have discovered the defect.B obviously sued within four years of this date.

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Definitions:

Building

A structure with a roof and walls, such as a house, school, or factory, used for various purposes.

Goodwill

Represents the intangible value of a business, such as reputation or brand identity, that may influence its earnings.

Purchase Price

The amount of money paid by a buyer to acquire a product or service.

Net Value

The remaining value of an asset after deducting costs or liabilities associated with it.